Ripple Labs has made significant strides in improving the XRPL (XRP) ecosystem despite facing legal challenges in the United States. The blockchain payment company holds a large share of XRP through its escrow account, receiving 1 billion units at the start of each month. This has helped increase XRP liquidity and enhance XRPL’s competitiveness against other layer-one blockchains like Ethereum.
The ongoing Ripple vs SEC case is expected to come to a resolution once President-elect Donald Trump is inaugurated early next year. This development could bring clarity to the regulatory environment surrounding XRP and Ripple.
In a recent announcement, Ripple Labs, along with XRPL Commons, XRPL Labs, and XAO DAO, revealed the incorporation of the new XRPL Foundation in France. Operating as a non-profit organization under French law, the XRPL Foundation aims to support the overall welfare of the XRPL network. This initiative is expected to boost developer engagement, form new strategic partnerships, and advance regulatory efforts within the XRP ecosystem.
The XRPL Foundation will have a Board of Directors consisting of the four core founding members and additional rotating Directors. This governance structure is designed to ensure transparency and effective decision-making within the organization.
The news of the XRPL Foundation’s establishment has had a positive impact on the price of XRP. With the impending resignation of SEC Chair Gary Gensler and the bullish sentiment surrounding XRP, the cryptocurrency has seen a significant price surge, trading at around $1.43 during the early New York session.
Overall, the formation of the XRPL Foundation is poised to drive mainstream adoption of XRP and further strengthen its liquidity and growth in the market. The XRP community eagerly anticipates the positive developments that will stem from this new non-profit organization.